Mazagon Dock Shares Jump 8% as Board Considers Stock Split, Dividend

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Stocks in News | Mazagon Dock Shipbuilders Ltd, a leading state-run defence PSU, witnessed a notable surge in its stock price on October 18, with shares jumping over 8%. This uptick came as the company announced plans to consider both a stock split and an interim dividend during its upcoming board meeting on October 22, 2024.

MAZDOCK Share Price

Key Announcements: Stock Split and Interim Dividend

Mazagon Dock Shipbuilders has scheduled a board meeting on Tuesday, October 22, 2024, to discuss two significant matters:

  • Stock Split: The company will review the possibility of a sub-division or stock split of its equity shares. Currently, the face value of each share is Rs 10. If approved, this would mark the first stock split in the company's history.
  • Interim Dividend: The board will also decide on the declaration of an interim dividend for the financial year 2024-25.

Record Date for Dividend Payment

Mazagon Dock Shipbuilders has set October 30, 2024, as the record date for the interim dividend payment. If the board approves the dividend, shareholders registered by this date will be eligible to receive it.

Company Financials: Strong Performance in Q1 FY24

Mazagon Dock Shipbuilders, which specializes in the construction and repair of warships and submarines for the Ministry of Defence, reported impressive financial results for the quarter ending June 2024.

  • Net Profit: The company recorded a consolidated net profit of Rs 696 crore, reflecting a 121% year-on-year increase from Rs 314 crore in the same quarter last year.
  • Total Income: Total income for the April-June 2024 quarter climbed nearly 10% to Rs 2,628 crore, compared to Rs 2,405.42 crore in the year-ago quarter.

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